Cabo Verde gets new Country Partnership Framework from World Bank

The Board of Executive Directors at the World Bank Group have recently discussed the Country Partnership Framework for the Republic of Cabo Verde for the period between 2020 and 2025.

This Country Partnership Framework lays out the World Bank's strategy to accelerate human capital for inclusive service-led growth and to boost the environment for a more diversified economy in the archipelago.

Cabo Verde has made headway in reducing poverty and inequality and improving human development outcomes over the past 20 years. Yet, social exclusion remains a challenge for the poor and extremely poor. Youth unemployment remains high with 41 percent of 15 to 24-year-olds were unemployed.

"This CPF is about supporting the Government's pursuit of a reform agenda for achieving debt sustainability, macro-stability, and inclusive growth and resilience" Nathan Belete, World Bank Country Director for Cabo Verde opined. "The strategy will focus on fostering investments to prepare the workforce for an economy based on the provision of high-quality services and on continuing structural reforms to attract private investment, promote sustainable growth and build connectivity, both physical and digital," Fatou Fall, the Country Liaison Officer based in Praia said.

Guided by the priorities identified in the 2018 Systematic Country Diagnostic (SCD) for Cabo Verde, the World Bank Group's two thematic areas of support are to:

1. Accelerate human capital for inclusive, service-led growth by enhancing basic education and skills to better equip children for present and future jobs and by strengthening social protection, social inclusion and access to micro small and medium enterprises;

2. Strengthen the environment for a more diversified economy by improving fiscal and macroeconomic resilience and laying the foundations for private sector-led growth.

"Mobilizing private investment is key to support inclusive growth in Cabo Verde. In line with the CPF and the National Sustainable Development Plan, IFC will provide its full range of financial products and advisory services to enable private sector led solutions in sectors including financial institutions, infrastructure and tourism" Aliou Maiga, IFC's Director for West and Central Africa cited.

"MIGA will actively seek opportunities to support the CPF program in Cabo Verde, particularly to help bring in private investment for the transport, energy and telecom sectors," Hoda Atia Moustafa, Head of the Africa Regional Office of the Multilateral Investment Guarantee Agency (MIGA), based in Dakar explained.